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Project Risk Management Handbook: A Scalable Approach
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Preface
The Project Risk Management Process, described herein, is intended to result in the effective
management of project risks and opportunities during the entire project life cycle – from project
inception to completion of construction. The project manager, project sponsor, and project team
members jointly develop a risk register that enables them to identify, assess, quantify, prepare a
response to, monitor, and control project risks.
This document provides information to project managers and project teams that will help with their risk
management efforts in the following ways:
Provide a consistent methodology for performing project risk management activities.
Provide techniques and tools for project risk management.
Identify data requirements for risk analysis input and output.
Provide information on how project risk management fits into the overall project management
process at Caltrans.
Provide guidance on how to proactively respond to risks.
Project risk management is a scalable activity commensurate with the size and complexity of the project
under consideration. Simpler projects may use simple analysis, whereas larger more complex projects
may use more robust analysis techniques.
This Scalable Project Risk Management Handbook, which may be revised and updated from time to time,
is applicable to all projects. The level of project risk management depends on the total cost of the
project, as well as other considerations (see Chapter 1, Section 1‐4).
Chapter 1 gives an overview of project risk management, the three levels of project risk management,
and the process, roles, and responsibilities.
Chapter 2 is designed to help the project manager plan the risk management process, form the project
risk management team, and prepare a budget for project risk management activities.
Chapter 3 provides instruction about risk identification and starting the risk register. It is applicable to
all scalability levels.
Proceed to the risk analysis chapter for the level of your project:
Level 1 Chapter 4
Level 2 Chapter 5
Level 3 Chapter 6
Chapters 7 through 9 are common to all projects. Chapter 7 details risk response, and Chapter 8 is about
risk monitoring.
Chapter 9 addresses the required communication checkpoints for all projects and explains the required
accountability checkpoints where deputies must sign off on the risk register. It also includes the Risk
Management Performance Measure requirements.